The Fatigue Filter

They're calling it Bitcoin fatigue.

Bloomberg ran the headline today. Fourth annual loss. First one without a scandal attached.

No exchange collapsed. No founder arrested. No rug pull.

Just... boredom.

The tourists are checking out.

Here's what the tourists never understand: the boring parts are the feature, not the bug.

Every technological shift follows the same arc. Ridicule. Resistance. Magazine cover. But between resistance and magazine cover? There's a long, quiet stretch where nothing seems to happen.

That's the dip.

The dip is where most people quit. Not because they failed—because they got tired of waiting.

I watched this happen in 2014. In 2018. In 2022. The headlines screamed death. The believers kept building.

The difference between a tourist and a settler isn't conviction. It's tolerance for boredom.

Tourists need the dopamine of daily gains. Settlers understand that positioning happens in the quiet.

The same information is available to everyone. The Fed's moves. The ETF flows. The macro headwinds.

But information without the patience to act on it is just noise.

Risk isn't about volatility.

Risk is a function of information and control.

If you know why you're here, a down year isn't a crisis. It's a filter.

The question isn't whether Bitcoin will recover.

The question is whether you'll still be here when it does.